The World Bank allocates another 300 million euros to Ukraine

The World Bank’s Board of Executive Directors has approved a 300 million euro loan to repair and recover the Ukrainian economy after the corona virus.

The bank explained that this money should go “to support reforms critical to the country’s economic recovery and growth, as well as to mitigate the consequences of the COVID-19 pandemic.”
The organization also expressed the hope that the allocated funds “will provide the necessary support for those reforms aimed at promoting a stronger and more comprehensive recovery.”

“Amid high levels of economic vulnerability, Ukraine is experiencing a slow and uneven recovery from the shock of COVD-19, and we hope that this loan will provide the support needed for reforms to promote a stronger and more inclusive recovery,” said Arup Banerjee, the bank’s regional director for Eastern Europe.

The organization noted that this is the second of such loans to Ukraine. The first, with a total value of $350 million, was approved in June 2020 to support the start of land reform and help the country’s government accelerate growth and investment in the sector. The allocation of funds was also intended to protect the most vulnerable from the economic shocks caused by the pandemic.